Budget 2024 was presented by Finance Minister Nirmala Sitharaman on 23 July, 2024.

Below are the quotes:

Mr. Raman Bhatia - Founder & MD, Servotech Power Systems

"The Union Budget 2024 was built on the foundation of Viksit Bharat. A strong focus was put on solar energy. The remarkable achievement of PM Surya Ghar Muft Bijli Yojana with 1.28 crore registrations and 14 lakh applications reflected the growing public awareness and alignment with the government's vision of a solar-powered India. As a leading solar panel manufacturer, this motivates us to make solar energy more adoptable, affordable, and accessible nationwide. The exemption of customs duty on lithium, a crucial mineral used in the renewable energy sector, will reduce costs, making lithium-based technologies more affordable. The pumped storage policy which includes pumped storage projects for electricity storage will facilitate the smooth integration of the growing share of renewable energy into the overall energy mix, paving the way for a sustainable energy future. Imposing customs duty on the import of solar glass for solar cell and module production will promote domestic manufacturing and boost the economy. The increase of BCD on non-biodegradable PVC flex banners from 10% to 25% is a commendable step towards environmental conservation. Power projects including setting up of a new 2400 MW power plant at Pirpainti, Bihar will add Bihar in the category of solar powered states, overall enhance the power quotient, add to the existing power capacity and create jobs. Overall, the budget highlighted the remarkable changes that will contribute to the development of a nation we all envisioned."

Aniket Dani, Director- Research, CRISIL Market Intelligence and Analytics

“The announcement of construction of one crore additional houses under the Pradhan Mantri Awas Yojana (PMAY) – Urban is a positive development. Furthermore, the government’s commitment to providing Rs 2.20 lakh crore in assistance for the scheme over the next five fiscals significantly surpasses the total allocation of Rs 1.55 lakh crore over the last eight fiscals. It will not only cater to the housing needs of the urban poor, but will also likely support the affordable-housing segment which has lately been on a decline. The government’s focus on rural development is also intact, given the Union Budget’s proposal to extend the PMAY – Gramin scheme to cover an additional 2 crore houses. The finance minister has also announced other rural infrastructure development initiatives. For example, the Prime Minister Gram Sadak Yojana (PMGSY)-IV aims to enhance the rural roads network, ensuring all-weather connectivity for 25,000 rural habitations. On the taxation front, the reduction in long-term capital gains tax on real estate property from 20% to 12.5% is a positive. However, the removal of the indexation benefit is largely negative for all those planning to sell their old properties. Also, changes in the personal tax regime, such as increase in the standard deduction from Rs 50,000 to Rs 75,000 and changes in tax slabs, would put more disposable income in the hands of the salaried, which is likely to boost the affordability of homebuyers.”